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Trend of inflation decline halts, rises to 15.36%

The National Bureau of Statistics (NBS) has on Monday informed the nation that headline inflation rose to 15.36 per cent in December 2021.

This is following a consecutive decline over a period of 8 months starting April 2021 to November 2021.

The Statistician General of the Federation, Simon Harry, on Monday during a press briefing in Abuja said, “However, it may interest you to note that this trend has been broken by the slight change in the month of December, 2021 as the inflation rate for all items (Headline Inflation) for the month increased to 15.63 per cent, year-on-year.

“This trend clearly shows an increase from 15.40 per cent recorded in the month of November, 2021 to 15.63 per cent in December, 2021. This is 0.23 per cent points higher than the rate recorded in November, 2021.”

He, however, said the development was a decline when compared to the corresponding month in 2020, which recorded 15.75 per cent.

He added that the change in the declining trend might have been caused by the increase in prices of goods and services driven by increased demand during the month under review, which was a festive season.

On a month-on-month basis, the NBS said that the headline index increased by 1.82 per cent in December, 0.74 per cent higher than the rate recorded in November, which was 1.08 per cent.

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